Major oil companies pledge to set "economically significant" carbon price at Vatican | 1 NEWS NOW

Some of the world's major oil producers today pledged to support "economically significant" carbon pricing regimes after a personal appeal by Pope Francis to avoid "committing an act of brutal injustice" against future generations and the poor.

The companies, including ExxonMobil, BP, Royal Dutch Shell, Total, Chevron and Eni, said in a joint statement at the end of the Vatican climate summit that governments should set such price regimes at a level that encourages business and investment, while at the same time costs vulnerable communities and supports economic growth. "

CEOs, as well as executives of leading asset managers such as BlackRock and BNP Paribas, have also called on companies to provide investors with insight into the risks that climate change poses to their businesses and the environment. how they plan to move to cleaner sources of energy.

The joint statement was issued at the end of an in camera summit in the Vatican Gardens. This is the second time that the Holy See has summoned the world's oil executives for private talks on climate change, scientific research, and the moral imperative of saving God's creation.

Francis attended today 's meeting and told the meeting that a "radical energy transition" towards clean and low – carbon sources of energy was needed and that, if properly managed, "would create new jobs, reduce inequalities and improve the quality of life of people affected by the climate". change."

"In the face of a climate emergency, we must act accordingly, to avoid committing an act of brutal injustice towards the poor and future generations," he said.

In their joint statement, the CEOs said: "Governments should set up reliable and economically viable carbon pricing regimes, whether based on taxes, trade mechanisms or other measures based on the market, at a level that encourages business practices … while minimizing costs, vulnerable communities and supporting economic growth. "

This commitment comes in the context of next week's EU summit where leaders will discuss EU efforts to tackle climate change, including a proposal to end the fight against climate change. Addition of carbon in the atmosphere by 2050.

Although the announcement refers to the goal of the 2015 Paris Agreement to "maintain global warming at less than 2 degrees Celsius" by the end of the century compared to In the pre-industrial era, experts believe that limiting the rise to 1.5 degrees Celsius would be safer.

Outside the summit, half a dozen protesters waved placards inviting officials from the oil sector to listen to the pope.

The meeting was held in an unusual secret, even by Vatican standards, the program and guest list not having been published. Some leaders confirmed their presence in advance, including CEOs of BP and Eni, Bob Dudley and Claudio Descalzi.

The summit was co-hosted by the University of Notre Dame, whose president, Reverend John Jenkins, praised the commitment made by industry leaders.

Commitments made "will not solve the problem themselves," he said. "But these are extremely important first steps in this direction."

Francis has devoted a major educational document to the environment and should plead his case at a meeting of bishops of the Amazon at the Vatican later in the year.